This Act amends the Climate Change Response Act 2002, in particular the allocation of emissions units under the emissions trading scheme. The Act amends the notice period for a failure to repay or surrender units under the scheme the Environmental Protection Agency is obliged to provide, as well as the calculation for determining the penalty for liability under the 2002 Act. The Act contains further amendments on costs for penalties under the 2002 Act, and further amends sections of the Acts on industrial allocations, including section 84, adjusting the validated allocation of trading units based on projected data.The Act comes into force the day after receiving Royal Assent; however, provisions on determining electricity allocation factors (Section 19); on modelling assumptions for market models used to determine the allocation factors for electricity (Section 21); and the transitional and savings-related provisions outlined in Schedule 1AA in Section 22(3) of the Act will only come into force on January 1st 2024.

Climate Change Response (Late Payment Penalties and Industrial Allocation) Amendment Act 2023

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives